Estimating Closings Proceeds

It’s always my pleasure to talk about new and unique technologies. In this case, ClosingCorp, a provider of residential real estate closing cost data and technologies for mortgage lenders, title and settlement companies and real estate professionals, has launched a pilot for its new Seller Net Sheet, a tool leveraging ClosingCorp’s proprietary database designed to inform sellers of their estimated closing proceeds. Here’s how it works:

With a few input fields, the Seller Net Sheet instantly calculates a seller’s net proceeds for any property in the nation. The solution is available for title companies and other Internet content providers to help their real estate clients confidently explain the potential closing proceeds to the seller. The ClosingCorp Seller Net Sheet is unique to the industry as it uses actual rates, not averages, and gives users the ability to create and compare up to three different transaction scenarios and view them side by side. Aggregate fees and costs are then used to calculate the net amount a seller can expect to receive at the end of the transaction.

“Consumers who are selling their property want a better way to understand potential proceeds, and real estate professionals across the nation face the challenge of accurately answering this question on a daily basis,” said Brian Benson, CEO of ClosingCorp. “We wanted to give title companies a powerful way to forge a deeper relationship with real estate agents who typically turn to them for help generating these accurate estimates.”

The User Profile Management tool of the Seller Net Sheet enables users to set specific default settings that appear on all client-provided net sheets, such as contact information and commission values. Through this tool, users also can define and set costs for any real estate service category, such as home inspection, pest inspection, natural hazard disclosures, home warranty or any customer category chosen.

The pilot is underway with Corinthian Title Company, Liberty Title & Escrow and TransAmerican Title & Settlement Services. The Seller Net Sheet will be available to the general market in July 2014.

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